With another new low for the move posted early this morning, copper prices have fallen to their lowest levels in nearly a month. Many trader in the copper market are fearful that the Euro zone debt situation may be poised to enter a more damaging phase, largely due to the concerning results from a German debt auction this morning. The copper trade was also presented with a discouraging private survey of Chinese manufacturing overnight. In addition, Chinese factory order data was reported to have fallen to a 3-year low. News that the International Copper Study Group predicted an August world copper deficit figure of 45,000 tons has been unable to provide much support for the market.
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